Public Markets 8-Hour Briefing
×Market Turmoil Amid Middle East Conflict
US stocks fell sharply as the widening war in the Middle East rattled investors. The S&P 500 dropped 1.2% marking its worst week since June, while bond traders slashed rate cut expectations amid inflation fears from the conflict. Oil futures surged as much as 7% with crude topping $80 a barrel as shipping through the Strait of Hormuz ground to a halt.
Earnings & Corporate News
CrowdStrike swung to a fourth-quarter profit of $38.7 million, beating estimates as cybersecurity demand remained strong. Meanwhile, Ross Stores forecast same-store sales growth that topped analyst estimates, capitalizing on affordability concerns as consumers trade down to off-price retailers. Target unveiled new CEO plans for growth through trendy food products and in-store beauty services.
Private Markets Under Pressure
Blackstone saw record $1.7 billion in outflows from its $82 billion private credit fund, while Apollo CEO warned of a "shakeout" in private credit amid rising defaults. Blue Owl slid below its IPO price as investor redemptions mounted. All3Media and Banijay announced an $8 billion merger to create the world's largest independent TV producer.
Geopolitical Developments
President Trump declared Iran's air force and navy "gone" as Israel launched new strikes on Tehran. Canada committed $2.6 billion to boost critical minerals projects, while the UK chancellor delivered a fiscal update amid market turmoil. UAE markets will reopen March 4 after closing due to the regional conflict.
Tech & AI Sector
Meta is creating a new applied AI engineering organization in its Reality Labs division with a "flat structure" and 50:1 ratio of individual contributors to managers. Oracle added Citigroup to its IPO bank lineup as it moves closer to going public. AI bots could supercharge hedge fund research and trading within three to five years, according to industry experts.
Regulatory & Legal
House Committee chair is sending a letter to Goldman Sachs General Counsel Kathryn Ruemmler requesting testimony on Jeffrey Epstein ties. The SEC pushed back against new high-leverage ETF plans, while the CFTC plans to allow crypto-linked perpetual futures contracts within weeks. Senate Democrats will propose breaking up the meat industry and scrutinizing foreign ownership.
Currency & Commodities
Gold slumped over 5% as a strong dollar and elevated yields offset war-risk premiums. Municipal bonds saw their biggest decline since the tariff-fueled selloff, with yields rising as much as 11 basis points. Copper export routes reopened in Congo after rain damage, while aluminum plants in Qatar shut down due to gas supply cuts from the conflict.